Dallas firm looking at acquiring the site
By Jess Wisloski
The sprawling retail complex of Maple Tree Place is up for sale, a spokesperson from its Illinois-based owners confirmed last week.
A public listing for the commercial property is not available however, because as Kim Freely, a vice president at Retail Properties of America, Inc. (RPAI) noted, information on the property listing “is only being shared with those who have signed a confidentiality agreement.”
“I can confirm that it has been listed in the market,” said Freely by email, but neither she nor a local property manager would provide further information. “I apologize.”
Online brochures for the property list it as 488,979 square feet, or 11.2 acres, in total and call the complex a “lifestyle center” featuring an “excellent mix of retail, office, restaurants and entertainment with ‘Main Street’ charm,” according to RPAI’s website.
The tenants in the spaces as of Dec. 2014 had the complex renting out at 95.9 percent capacity, according to portfolio documents on the publicly-traded ownership company’s website, and the leases fetched $8,249,076 per year in base rent, the RPAI documents noted.
RPAI purchased Maple Tree Place on May 20, 2005 for $103.3 million as part of a 71-acre parcel sold by Starwood Ceruzzi, the Connecticut real estate company that developed and owned the complex in the early 1990s, according to earlier Observer reports. It was appraised at$42.2 million in 2005, a town assessor said.
News of the property being up for sale came from potential buyers, Cypress Equities, that were in the area visiting and who confirmed they were looking at purchasing the site to an Observer reporter.
Cypress Equities, a Dallas, Texas-based commercial properties company has more than $4 billion in assets encompassing 18 million square feet of retail, office, residential, automotive and industrial real estate, according to its website, with more than 9.4 million square feet of retail space.